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Preliminary Results PresentationFor the year ended 30 June 2013Shareholders’ Regional Meeting23 September 2014

Ladenburg Thalmann Africa Upstream Conference

10 March 2015

10 March 2015 Ladenburg Thalmann Africa Upstream Conference 2

Disclaimer

Important Notice

Nothing in this presentation or in any accompanying management discussion of this presentation (the "Presentation") constitutes, nor is it intended to

constitute: (i) an invitation or inducement to engage in any investment activity, whether in the USA, Canada, the United Kingdom or in any other jurisdiction;

(ii) any recommendation or advice in respect of the ordinary shares (the "Shares") in Bowleven plc (the "Company"); (iii) any offer for the sale, purchase or

subscription of any Shares; or (iv) any directed selling effort in respect of any Shares.

Cautionary note for US investors

The Shares are not registered under the US Securities Act of 1933 (as amended) (the "Securities Act") and may not be offered, sold or transferred except

pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any other

applicable state securities laws.

The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved

reserves that a company has demonstrated by actual production or formation tests to be economically and legally producible under existing economic and

operating conditions. The Company is not required to make filings with the SEC and this presentation includes information on "volumes initially in place",

"STOIIP“, "resources" and other similar terms. Such terms do not refer to and are not reserves and US investors are cautioned accordingly.

Cautionary note for Canadian investors

No securities commission or similar authority in Canada has reviewed or in any way passed upon this presentation or the merits of the Shares, and any

representation to the contrary is an offence.

Forward-looking statements

The Presentation may include statements that are, or may be deemed to be "forward-looking statements". These forward-looking statements can be identified

by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "projects", "expects", "intends", "may", "will", "seeks" or

"should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or

intentions. These forward-looking statements include all matters that are not historical facts. They include statements regarding the Company's intentions,

beliefs or current expectations concerning, amongst other things, the results of operations, financial conditions, liquidity, prospects, growth and strategies of

the Company and its direct and indirect subsidiaries (the "Group") and the industry in which the Group operates. By their nature, forward-looking statements

involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking

statements are not guarantees of future performance. The Group’s actual results of operations, financial conditions and liquidity, and the development of the

industry in which the Group operates, may differ materially from those suggested by the forward-looking statements contained in the Presentation. Other than

in accordance with the Company's obligations under the AIM Rules for Companies, the Company undertakes no obligation to update or revise publicly any

forward-looking statement, whether as a result of new information, future events or otherwise. All written and oral forward-looking statements attributable to

the Company or to persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements referred to above and

contained elsewhere in the Presentation.

‘Bowleven’, ‘EurOil’ and the Bowleven logo are trade marks of Bowleven plc and copyright in the content of this document is owned by Bowleven plc. They

should not be used without permission.


Company Overview

• Strategy focused on creating and realising value through

material exploration success and development.

• Seek value adding partnerships and niche acquisitions as

appropriate.

• Fostering strong external partnerships and in-country

relationships.

• Targeted approach to technical, commercial and political risk.

• Resources to Reserves.

Vision

Strategy – Focus on Africa

“It is our vision to build an African focused exploration

and production company which in time becomes

renowned for its ability to consistently create and realise

material shareholder value through exploration led

organic growth and niche acquisitions.”


Onshore extension of

Douala Basin.

Series of structural

prospects.

Two well exploration drilling

programme planned.

Asset Overview - Balanced Portfolio

DevelopmentEarly Stage Exploration

.

DevelopmentEarly Stage Exploration

BomonoCameroon

Block 11BKenya

EtindeCameroon

3 blocks covering

~16,250k 3 blocks

covering ~16,250km²

m²

3 blocks covering

~16,250km²

Blocks 25, 28 & 29 Zambia

Exploitation Authorisation

over MLHP-7.

Gas sales agreement

(GSA) negotiations well

advanced.

Farm-out to

LUKOIL/NewAge.

Two well appraisal drilling

programme on Intra

Isongo planned.

Three blocks covering

~16,250km².

Application for further two

blocks pending.

Early stage exploration.

Block 11B onshore Kenya

covering ~14,200km².

New hydrocarbon

province.

FTG survey completed.


• Farm-out of 40% interest (post government back in) in Etinde

to LUKOIL and NewAge.

• All conditions to farm-out now satisfied – completion/cash

consideration to follow ~ mid March 15.

• Consideration:

~$170 million cash at completion.

$40 million (net) carry for two appraisal wells.

$40 million staged deferred cash payment.

• Revised participating interests: Bowleven 20%, LUKOIL 30%,

NewAge 30%, SNH 20%.

• Operatorship to transfer to NewAge.

• Key benefits of transaction:

Strengthened balance sheet.

Accelerated appraisal drilling programme.

Value added partner with significant experience and

expertise.

Etinde Farm-out Transaction

Transaction Overview


Etinde Development

*Offshore processing concept being contemplated subject to cost/benefit review.

**Operator’s estimates

**IM-5 Well Results

• Condensate-rich gas flowed

on test.

• Combined max. flow rates:

60mmscfd & 7,819 bcpd

(Total>17,800 boepd).

Upper Isongo

32m (net) encountered; wet as

prognosed pre-drill.

Intra Isongo

Log evaluated net pay of

approximately 70m.

Intra Isongo DST

Tested >10,800 boepd from

29m net pay.

(37mmscfd & 4,664 bcpd)

Middle Isongo

Log evaluated net pay of

approximately 25m.

Middle Isongo DST

Tested >7,000 boepd from

14m net pay.

(23mmscfd & 3,155 bcpd)

IM-5

Upper Isongo

Intra Isongo

Middle Isongo

• Exploitation Authorisation (EA) awarded July 2014.

• EA gives development and exploitation rights over block

MLHP-7 for an initial period of 20 years.

• ‘Hub and Spoke’ development concept:

Oil, condensate and wet gas to onshore hub*.

Liquids stripping and NGL extraction at hub.

Liquids marketable internationally.

• IM field (Intra Isongo) to deliver first phase of liquids & gas.

• Initial dry gas sales to fertiliser plant.

• IM-5 well confirmed sufficient gas volumes to support fertiliser

plant.

• Significant upside potential – additional offtake solutions being

considered including CLNG.

• Shape and timing of development will be influenced by new

partner/operator.


Etinde Development

Stage 1 - Fertiliser

• Sufficient gas volumes to support fertiliser plant.

• Dry gas to fertiliser plant: 70mmscfd.

• Gas sales agreement (GSA) negotiations well advanced

(20 year supply).

• Initial liquids production: ~ 14k-16k boepd* (inc LPGs).

• Represents a committed total gas volume of approximately

500bcf and expected liquids production of approximately

100mmboe.

• First production integrated with fertiliser timetable.

• Gross development capex†:

‒ Pre first production: estimated $650 million - $700

million (EEAA case).

‒ To be further refined during FEED.

* Operator projections. † Operator estimates (Class III & Class IV estimates).


Etinde Development

Further Opportunity

• Further drilling planned to prove up additional resources.

• Additional gas offtake solutions being considered.

• EEAA includes full field development concepts - LNG.

• Momentum building behind Cameroon LNG (CLNG), led by

GDF Suez and SNH.

• Award of FEED anticipated Q1 2015.

• Gas supply capacity allocation discussions commenced for

supply of Etinde gas (subject to appraisal/development

drilling).

• Expanded joint venture will work together to realise

considerable resource and potential of Etinde acreage.

Indicative Supply Profile including CLNG

CLNG Illustrative pipeline route


Intra Isongo Potential

Material Upside

*Operator’s estimates. Volumes are presented as gross figures.

The WGIIP figures include NGLs, which comprise condensate and LPGs.

Volumes have been derived on a probabilistic basis but totals have been arithmetically summed.

Totalling anything other than mean is statistically incorrect and is provided for illustrative purposes only.

Greater Interval Sand

Greater Interval Sand

Intra Isongo Horizon

IM-5

1 Km

Gross Unrisked In-Place Prospect Volumes*

WGIIP (bcf) P90 P50 P10 Mean

Intra Isongo discovery horizon 303 678 1,530 822

Greater interval 296 630 1,413 769

TOTAL (bcf) 599 1,308 2,943 1,591

CIIP (mmbbl) P90 P50 P10 Mean

Intra Isongo discovery horizon 48 114 269 141

Greater interval 47 107 248 132

TOTAL (mmbbl) 95 221 517 273

Source: Operator

• Access through transaction to drill two appraisal wells. Drilling

expected to commence H2 2015.

• IM-5 well has considerably de-risked the Isongo play.

• Seismic response correlates with thick, reservoir quality sands.

• A number of amplitude based prospects are defined at the

same horizon as the Intra Isongo discovery.

• Further prospects also defined in the intervals immediately

above and below Intra Isongo horizon - “greater interval”.

• IE-3 well tested gas condensate and oil from 4 intervals

equivalent to the Intra Isongo interval.


Intra Isongo Potential

• Amplitude response indicates sandstone

distribution.

• Depositional systems revealed, wide extent.

• Relationship with IE / ID field discoveries

being examined.

• Hydrocarbon fluid samples at IM3 / IM5.

Intra Isongo


Bomono

Source: Operator

Operational Update

• Rig contract signed with Fortesa for two well

exploration programme.

• Rig onsite at Zingana location – drilling to

commence in due course.

Identification of Gas Sales Opportunities

• Ideally located adjacent to Douala City.

• Actis acquisition of AES/Sonel brings new

momentum to growth of the local power market.

• Talks initiated with potential power producers.

• Opportunity for rapid installation of gas-fired

generators at the well sites, with cabling to local

consumers.

• Early phase liquids trucked to Limbe refinery.

Seeps

Vintage 2D

Bowleven

2D

Acquisition

VOG: Gas and

condensate

production.


Exploration Targets

Zingana-1 Moambe-1SW NE

Line No: BOM-10-106

Bo-03 (yellow) –

gas in B & C sds

‘B’ Sand twt

Structure Map

Zingana

Prospect

Moambe

Prospect

Oil Potential

• Focused on the deeper D&E sands.

• Zingana and Moambe targeting medium risk 50-100mbbl*

STOIIP pools (P50-Mean range) in each sand.

• Oil seep and borehole data encouraging for liquids; albeit

lower risk for gas/condensate.

Gas/Condensate

• Shallower B&C sands.

• Historic well data indicates high chance of success – 1953

wells tested gas in B and C sands near Zingana location.

• Two wells targeting 5-40bcf* GIIP pools (P90-P50 range) in

each sand, with associated condensate.

• If successful, subsequent appraisal to prove volume will be

fast-tracked, potentially by scaled early production system

(gas to power).

Cretaceous

• Deeper, higher pressure targets will not be tested by the

initial exploration programme.

• Potential for 2-3tcf (in place) but high pressure, high

temperature.

* Operator estimates.


Kenya

Block 11B

Overview

Uganda

South SudanEthiopia

Kenya

Source: Bowleven

• New hydrocarbon province.

• Multiple oil discoveries to the south (Lokichar Basin).

• High level of industry activity – multi-well drilling campaigns

ongoing and infrastructure planning underway (including

pipeline pre-FEED study) e.g. Tullow Oil, Africa Oil.

• Significant acreage ~14,200km2 in highly prospective East

African Rift system.

• Intersection of Tertiary and Cretaceous rift systems.

• Existing data suggests basins similar form to Lokichar Basin.

• Block-wide high density airborne gravity gradient survey

(FTG) now complete.

• Multiple basins identified from FTG survey.

• Operator applied for extension to first exploration phase of

licence to allow for acquisition, processing and evaluation of

2D seismic.


Kenya Block 11B FTG Results

• NE gravity low possible sub-basin

to the South Omo Basin.

• 2014 field work and interpreted

FTG results has greatly increased

the geological understanding of

the area.

• Greatly assisted in the design of

seismic programme.

Terrain Regional Gravity FTG dataset


Zambia

• Luangwa Valley Karoo basin total area ~42,000 km².

• Five blocks applied for: Three blocks awarded (25, 28

and 29) ~16,250km² and applications for two blocks

pending (26 and 27).

• Previous exploration 1980’s (Placid) acquired

3,000km 2D seismic and drilled 2 wells (primary

objectives were never reached).

• Thermally immature Coal measures are widely known

around the basin margins. It is considered that more

liquids rich, mature lacustrine source rocks could be

present deeper into the basin.

• Four year exploration period. Minimum committed

work programme estimated ~$500k.

Coal Occurrences

1980’s exploration well

Overview


Funding Overview – Current Portfolio Fully Funded

• Cash at end December 2014 ~$7 million, no debt.

• $30 million transaction bridge facility available for

utilisation pending farm-out completion.

• Consideration from LUKOIL/NewAge farm-out:

~$170 million cash at completion (including ~$5

million working capital adjustment).

$40 million (net) carry for two appraisal wells.

$40 million deferred cash payment.

• Potential for development funding at FID. Options include

project debt, development bank finance and mezzanine

finance.

• Fortesa farm-in to Bomono.

• Discussions ongoing regarding further Bomono farm-

down.

• First Oil strategic partnership provides funding towards

exploration activity in Kenya.

Equity

Placing

First

Production

Use of Transaction Proceeds

Proceeds (~$250m)

• $170m at completion

• $40m carry - 2 appraisal wells

• $15m on completion of

appraisal wells

• $25m at FID

Use of Transaction Proceeds – Disciplined Capital Approach

Etinde Expenditure (~$110m)

• $40m - two appraisal wells

• $140m – share of Etinde

development expenditure

(likely 50% “equity” and

50% debt funding)

Financing Flexibility (~$140m)

• Petrofac fee ($9m)

• Bomono – exploration &

appraisal

• Kenya phase 2?

• G&A


Conclusion

• Strengthened balance sheet post completion of

Etinde farm-out.

• Balanced portfolio.

• Accelerated appraisal of the extensive Intra

Isongo reservoir interval.

• Expanded joint venture will work together to

realise considerable resource and potential of

Etinde acreage.

• Exploration and appraisal activities continuing.

Well-positioned to both fund our

share of Etinde’s ongoing

appraisal and development

programme and also to progress

the potential of our exploration

portfolio in Cameroon, Kenya and

Zambia.

oil & gas

Appendix


Management Team

Kevin Hart, Chief Executive OfficerKevin Hart was Finance Director at Cairn Energy plc for over eight years, a role that incorporated board responsibility for financial,

commercial, legal, risk management and HR matters. Prior to this, he was a Senior Associate Director with Deutsche Morgan Grenfell

Group, specialising in oil and gas sector mergers and acquisitions. He is also a Non-Executive Director of Troy Income & Growth Trust, and

a trustee of the charity Columba 1400. He was appointed to the Bowleven Board in November 2006.

David Clarkson, Operations DirectorDavid Clarkson was appointed to the Bowleven Board in 2013. He previously worked for BP where he held a variety of senior executive

positions in the Upstream business, including leading major project developments in frontier locations and as Technical Vice President for

Projects & Engineering. David has a degree in Mechanical Engineering from the University of Strathclyde and is a Chartered Engineer and

Fellow of the Institution of Mechanical Engineers.

Ed Willett, Exploration DirectorEd Willett has worked in the oil and gas exploration business for 30 years and has extensive experience across a wide variety of petroleum

provinces. He started his career with Carless Exploration in the mid-1980s, working on UK onshore and UK continental shelf assets, before

joining Cairn Energy plc in 1989, where he held a variety of technical and management roles across Cairn’s entire portfolio. He was

appointed to the Bowleven Board in 2008.

Kerry Crawford, Finance DirectorKerry Crawford joined Bowleven in 2008 as Deputy Finance Director and Head of IR. She previously worked at Cairn Energy plc for 10

years, latterly in the role as Deputy Finance Director and Head of IR. She qualified and first worked as a Chartered Accountant at Ernst &

Young and is a member of The Institute of Chartered Accountants of Scotland. She is also an Associate Member of the Institute of

Corporate Treasurers. She was appointed Finance Director and member of the Bowleven Board in 2014.

Peter Wilson, Director / General CounselA Scottish qualified solicitor, Peter Wilson joined from McClure Naismith, Bowleven’s then legal advisers, where he was a partner in their

Edinburgh office specialising in corporate law. He is a Director, General Counsel and Company Secretary of Bowleven. Peter has been

advising Bowleven on contractual, legal and compliance matters since 1999. He was appointed to the Bowleven Board in 2005.

Chief Tabetando, Chairman of EurOilA Cameroonian citizen, Chief Tabetando is a qualified lawyer with an LLM degree from the University of London. Prior to joining Bowleven

he was senior partner and head of Chambers in one of Cameroon’s leading international law firms since 1975. He has over 12 years of

experience in the oil and gas industry in an executive role. He is presently Vice President of the Cameroon National Council of Monarchs.

He is a founding shareholder and Chairman of EurOil Limited. He was appointed to the Bowleven Board in 2001.


• One of the world’s leading integrated oil and gas companies.

• Accounts for in excess of 2% of global output of crude oil.

• Market capitalisation of around $40 billion and listed on both the Russian and London stock exchange.

• Over 20 years of operating experience.

• Extensive experience in operating multi-tcf gas fields, developing and producing hydrocarbons (including the processing of

natural gas liquids).

• Majority of exploration and production activity is located in Russia but has interests in Sierra Leone, Cote d’Ivoire, Ghana,

Egypt, Saudi Arabia and Iraq amongst others.

• Privately-owned oil and gas exploration company.

• Operations in 7 countries and a portfolio of 21 oil and gas concessions covering 6 hydrocarbon basins.

• NewAge is currently producing from 2 fields and has 2 further development fields expected to commence production in 2015.

• CAMOP, a subsidiary undertaking of NewAge has held a 25% (20% post government back-in) equity interest in the Etinde

Permit since 2009.

Information on LUKOIL/NewAge

LUKOIL

NewAge

http://www.google.co.uk/url?url=http://www.az-scpc.com/11-Link&rct=j&frm=1&q=&esrc=s&sa=U&ei=H6K6U7T8NefA7AaL2ICQCQ&ved=0CBgQ9QEwAQ&usg=AFQjCNFrlqd0brRnkAquHdCIxJLS7jB5Yg

http://www.google.co.uk/url?url=http://www.az-scpc.com/11-Link&rct=j&frm=1&q=&esrc=s&sa=U&ei=H6K6U7T8NefA7AaL2ICQCQ&ved=0CBgQ9QEwAQ&usg=AFQjCNFrlqd0brRnkAquHdCIxJLS7jB5Yg

http://www.google.co.uk/url?url=http://www.ethiosports.com/2014/02/22/new-age-discovers-oil-gas-in-elkuran-3/&rct=j&frm=1&q=&esrc=s&sa=U&ei=zKO6U_LEN4TX7Aa51YCgDg&ved=0CCgQ9QEwCA&usg=AFQjCNFZO1tGd23LNG-Y8H1RtQWyQuC9ug

http://www.google.co.uk/url?url=http://www.ethiosports.com/2014/02/22/new-age-discovers-oil-gas-in-elkuran-3/&rct=j&frm=1&q=&esrc=s&sa=U&ei=zKO6U_LEN4TX7Aa51YCgDg&ved=0CCgQ9QEwCA&usg=AFQjCNFZO1tGd23LNG-Y8H1RtQWyQuC9ug

Principal Contact:

Kerry Crawford

Tel: +44 131 524 5678

Kevin Hart

Tel: +44 131 524 5678

www.bowleven.com

Bowleven Plc.

The Cube

45 Leith Street

Edinburgh

EH1 3AT

United Kingdom

[email protected]

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